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        <entityName>Blackstone Real Estate Special Situations Fund II L.P.</entityName>
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            <street1>345 PARK AVENUE</street1>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
            <zipCode>10154</zipCode>
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        <issuerPhoneNumber>212-583-5661</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <previousName>Blackstone Real Estate Special PE Fund L.P.</previousName>
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        <edgarPreviousNameList>
            <value>None</value>
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        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
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                <firstName>n/a</firstName>
                <lastName>The Blackstone Group L.P.</lastName>
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                <street1>345 Park Avenue</street1>
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                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
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                <firstName>n/a</firstName>
                <lastName>Blackstone Real Estate Special Situations Associates II L.L.C.</lastName>
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            <relationshipClarification>The General Partner of the Issuer (the &quot;GP&quot;)</relationshipClarification>
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            <relatedPersonRelationshipList>
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            <relationshipClarification>Advisor of the Issuer</relationshipClarification>
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                <firstName>Stephen</firstName>
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                <lastName>Schwarzman</lastName>
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                <firstName>Hamilton</firstName>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Robert</firstName>
                <middleName>L.</middleName>
                <lastName>Friedman</lastName>
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                <firstName>Randall</firstName>
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            <relatedPersonName>
                <firstName>Kenneth</firstName>
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                <lastName>Caplan</lastName>
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                <firstName>Jonathan</firstName>
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                <firstName>Michael</firstName>
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                <firstName>William</firstName>
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                <lastName>Stein</lastName>
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                <firstName>Gary</firstName>
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                <firstName>Laurence</firstName>
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    <offeringData>
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                <is40Act>false</is40Act>
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        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
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        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
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            <dateOfFirstSale>
                <value>2009-09-30</value>
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        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
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        <typesOfSecuritiesOffered>
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            <isOtherType>true</isOtherType>
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            <clarificationOfResponse></clarificationOfResponse>
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        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
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            <recipient>
                <recipientName>Park Hill Real Estate Group LLC</recipientName>
                <recipientCRDNumber>139491</recipientCRDNumber>
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            <recipient>
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        <investors>
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        <signatureBlock>
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            <signature>
                <issuerName>Blackstone Real Estate Special Situations Fund II L.P.</issuerName>
                <signatureName>/s/ Robert L. Friedman</signatureName>
                <nameOfSigner>Robert L. Friedman</nameOfSigner>
                <signatureTitle>Authorized Signatory</signatureTitle>
                <signatureDate>2010-08-24</signatureDate>
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